When Nike founder Phil Knight first saw the iconic Swoosh logo, presented for his appraisal by (at the time) Portland State University graphic design student Carolyn Davidson, he told her, "I don't love it, but maybe it will grow on me." It's fair to say it has grown on him — and everybody else — since that first look back in 1971.
Davidson's assignment was to design a "stripe" for Knight's budding shoe company, Blue Ribbon Sports. She was instructed to make it convey a sense of motion and to keep the design far away from the look of the three stripes used by adidas. Her "checkmark" was inspired by the curve of the wings of Nike, the Greek goddess of victory.
The young designer was initially paid $35 for the Swoosh, though that was later supplemented by a generous chunk of Nike stock and a diamond ring once it became apparent she'd made a world-class logo.
The history behind the Nike logo doesn't tell us exactly how the "checkmark" became the Swoosh, but it's generally accepted that the name came from an approximation of the sound you hear when runners rush past.